USDJPY: Exiting Descending Channel

USDJPY was trading on the bottom of the descending channel for the last couple of weeks, However, we notice an increasing selling pressure which pushing the prices to break this channel.

As shown on the weekly chart below, markets are successfully breaking the descending channel. So, if the prices did not bounce back to 106.20 levels again we would see a downtrend targeting the support area at 101.20/100.80.